People who have their own house and now having a tough time to pay off their mortgages is thinking, how long can I live in my house after foreclosure? The answer is simple, it depends in which state you are living in. Some states allow you to live in your house after foreclosure for a few weeks, some for a few months and some for a year or so.
Due to the recent economic downturn, over 180,000 foreclosures were filed in the entire United States a month. You may have stumbled into this article because you are looking for a way to save your home. This may not help you but it will definitely help you get some shade over your head for sometime to think of an alternative.
However, do keep in mind that even after foreclosure, you can still remain in the home because you are still the rightful owner of the home. The foreclosure process usually takes time. It ranges from 2 months and sometimes in an occasion it can go for as long as 2 years. You can always remain in your home until you are evicted but of course you definitely want pack your things and leave rather than being evicted with your luggage.
When the eviction time comes, the owner will be removed from their houses. The eviction process generally takes 4 weeks. Although it is possible for you to postpone the sheriff sale for at most a week but you will need to have a good reason to do so or your request will be declined.
The bank will then request for the possession of the property from the court and more often than not, the court will approve it. Once the bank has the possession of the property they are allowed to sell it to the new owner. When the property is sold. The old home owner will be evicted. However, there is a time gap for this, there will 2 or 3 weeks time gap after the sale of the property to the date of eviction. You will need to plan your future then.
There is a redemption period in some of the states, where you will be able to pay mortgage and are allowed to get back to your home again. All you need is a money to pay the mortgage that you were unable to pay and you will be able to avoid the eviction. The redemption period varies from one state to another.